Electronic credit card-ecc

ABSTRACT

Electronic Credit Card (ECC) is an electronic device that enables transmission/reception of data and/or digital information to/from a host computer via a Terminal Station (TS). TS includes Teller Machines in supermarkets/shopping complex, Automatic Teller Machines (ATM), EFTPOS devices and proprietary transceiver devices developed by Creative On-Line Technologies Limited for PC interface. It provides latest financial information including balances on its display unit. Keypads ( 1 ) enable PIN (personal identification number) entries so that an ECC is operational. Information Display Unit ( 2 ) including an LCD (liquid crystal display) screen or other display screens provides visual information. ENTER key ( 3 ) confirms a transaction. It is also used to activate an ECC when a PIN is keyed. Audio Transducer ( 4 ) confirms entries made on keypads ( 1 ). Audio Transducer is also used to activate a financial transaction via a telephone. Data transmission/reception is via Infra red ( 5 ), Magnetic ( 6 ) and Radio Frequency ( 7 ) devices.

FIELD OF THE INVENTION

[0001] The present invention relates to an electronic credit cardproviding secure controlled and reliable transaction of funds.

BACKGROUND OF THE INVENTION

[0002] The present credit card environment and systems have thefollowing shortfalls:

[0003] When a credit card is reported lost or stolen by a holder he orshe has to contact the company or organisation that issued the card tocancel the card in order to prevent illegal transactions. Cancellationmay not occur immediately if the holder is unaware that his or her cardis missing.

[0004] The present security measures undertaken by credit card companiesand/or organisations through the use of “smart card” technology areinadequate to prevent fraud. Similarly the use of holographic images oncredit cards does not eliminate fraud either.

[0005] Use of a signature as a validation control may be overlooked andcan be forged.

[0006] The technology behind current credit cards is outdated and notsuitable for a secure transaction via the Internet.

[0007] It does not prevent hackers who penetrate “secure websites” tomake use of credit card details for fraud.

[0008] Giving a merchant credit card details is like giving him or her a“signed blank cheque”. Credit companies or organisations are notefficient when dealing with insincere merchants.

[0009] The customer must rely on trusting the merchant not to misuse thecredit card details.

[0010] The present invention seeks to provide an electronic credit cardthat attempts to overcome the shortfalls of the present credit cardsystem.

SUMMARY OF THE PRESENT INVENTION

[0011] In accordance with the present invention there is provided anelectronic credit card comprising at least:

[0012] a user of verification means for verifying the identity of auser;

[0013] a means for generating a unique authorisation code when theuser's identity is verified;

[0014] a storage means for storing the user's account details for use inan electronic funds transfer transaction; and

[0015] a communication means for communicating with a transactionstation to provide the transaction station with account details of theuser and the authorisation code to facilitate an electronic fundtransfer transaction.

[0016] Preferably the electronic credit card includes a timer means fordetermining a period of time after which the verification of the user'sidentity ends.

[0017] Preferably the electronic credit card includes a disablementmeans for disabling use of the electronic credit card if a predeterminednumber of attempts verify the identity of the user fail. Preferably thedisablement means is activatable remotely by an issuer of the electroniccredit card or other authority.

[0018] Preferably, in one embodiment, the unique authorisation code isgenerated in synchronisation with the transaction station.

[0019] Preferably the storage means is arranged to store a financiallimit for transactions that the electronic credit card may be used for.Preferably the financial limit is provided to the transaction station bythe communication means. Alternatively the electronic credit cardincluding a processor means for keeping track of the use of theelectronic credit card and will not generate or provide theauthorisation code if the financial limit is exceeded. Alternatively thefinancial limit may be retrieved via the transaction station from afinancial institution.

[0020] Preferably the storage means is arranged to store more than oneset of account details.

[0021] Preferably the storage means is arranged to store electronic cashand the communication means is arranged to facilitate the use of theelectronic cash stored in the storage means if the user identificationis verified.

[0022] In one embodiment the user identification means includes a keypadfor entry of a personal identification number (PIN) and PIN verificationmeans to authenticate the identity of the user. In another embodimentthe user identification means includes a fingerprint reader for readinga fingerprint of the user and a fingerprint verifying means forverifying the identity of the user from the user's fingerprint. In yetanother embodiment the user identification means includes a retinascanner for scanning a retina pattern and a retina pattern verifyingmeans for verifying the identity of the user from the scanned retinapattern.

[0023] In one embodiment the communication means includes an infra redtransfer means. In another embodiment the communication means includes aradio frequency transfer means. In yet another embodiment thecommunication means includes a magnetic induction transfer means. In yeta further embodiment the communication means includes a wire contacttransfer means.

[0024] Preferably the storage means and communication means are partlyin the form of a magnetic strip for storing account details andcommunication of the account details to the transaction station.

[0025] Preferably the communication means includes a telephone networkinterface.

[0026] Preferably the storage means stores transaction details and aprocessor means is provided to calculate the funds available.

[0027] Preferably the electronic credit card is incorporated intoanother device.

DETAILED DESCRIPTION OF THE INVENTION

[0028] In order to provide a better understanding, preferred embodimentswill now be described in detail, by way of example only, with referenceto the accompanying drawings, in which:

[0029]FIG. 1 is a schematic representation of an electronic credit cardin accordance with the present invention;

[0030]FIG. 2 is a schematic representation of communication between anelectronic credit card of FIG. 1 with a personal computer and thus andin turn via computer network with a host computer;

[0031]FIG. 3 is a schematic representation between electronic creditcard of FIG. 1 and an ATM or EFTPOS terminal and a host computer;

[0032]FIG. 4 is an alternative embodiment of an electronic credit cardin accordance with the present invention;

[0033]FIG. 5 is a further alternative embodiment of an electronic creditcard in accordance with the present invention;

[0034]FIG. 6 is a further alternative embodiment of an electronic creditcard in accordance with the present invention;

[0035]FIG. 7 is a further alternative embodiment of an electronic creditcard in accordance with the present invention;

[0036]FIG. 8 is a further alternative embodiment of an electronic creditcard in accordance with the present invention;

[0037]FIG. 9 is a rear view of an electronic credit card in accordancewith the present invention having a magnetic strip communication device;

[0038]FIG. 10 is a further alternative embodiment of an electroniccredit card in accordance with the present invention;

[0039]FIG. 11 is a further alternative embodiment of an electroniccredit card in accordance with the present invention; and

[0040]FIG. 12 is a further alternative embodiment of an electroniccredit card in accordance with the present invention;

[0041] Referring to FIG. 1, there is shown an electronic credit cardincluding a user verification means; a means for generating a uniquecode (not shown); a storage means for storing the user's account details(not shown); and a communication means. In this embodiment the userverification means includes a keypad for entry of a personalidentification number (PIN) and the communication means includes a infrared communication device 5, a magnetic induction telecommunicationdevice 6, radio frequency telecommunication device in the form of anantenna 7. The electronic credit card also includes a display 2, anenter/confirmation button and an audio transducer 4 for providing anaudible sound.

[0042] The electronic code also includes a processor means for receivinginput from the keypad 1 and the button 3. The processor means is alsoarranged to control output of the display 2 and output of the audiotransducer 4. The processor means is further arranged to controlcommunication via the communication means 5, 6, 7.

[0043] The keypad in combination with firmware control of the processorforms the user verification means. The processor under the control offirmware forms a means for generating the unique authorisation code. Theinfra red communication device, magnetic communication device, or radiofrequency communication device under the control of firmware control ofthe processor forms the communication means. The firmware may be storedin the storage means and may be reprogrammed.

[0044] The electronic credit card operates by a user entering a PINnumber into the keypad 1 whereby the user verification means verifiesthat the PIN number is correct and thus the identity of the user isverified. The means for generating unique authorisation code thengenerates the authorisation code which is provided along with the user'saccount details, to the communication means which communicates these toa transaction station to facilitate an electronic funds transfertransaction.

[0045] The transfer station must be configured to only continue with theelectronic funds transfer transaction with the receipt of the uniqueauthorisation code and account details.

[0046] Referring to FIG. 2, communication between the electronic creditcard is shown with a transceiver device which talks with a personalcomputer. The transceiver device and personal computer act, in thisexample as the transaction station. The transaction station may thencommunicate via wire or wireless communications to computer networks,such as the Internet to a host computer in order for conductingelectronic funds transfer transaction.

[0047] Referring to FIG. 3, the electronic credit card communicates byit's communication means with an automatic teller machine (ATM) or anelectronic funds transfer point of sale (EFTPOS) machine, which in turncommunicates via standard methods to a host computer to performelectronic funds transfer, cash withdrawal or other transaction.

[0048]FIG. 4 shows a typical physical form of an electronic credit cardwith a keypad as the user verification means, and infra red receiver aspart of the communication means.

[0049]FIG. 5 shows a version of the electronic credit cards with akeypad forming part of the user verification means and radio frequencyantenna forming part of the communication means.

[0050]FIG. 6 shows a version of the electronic credit card with a keypadforming part of the user verification means and magnetic inductioncommunication device 6 forming part of the communication means.

[0051]FIG. 7 shows a version of the electronic credit card with a keypadforming part of the user verification means and a wire contactcommunication device 8 forming part of the communication means.

[0052]FIG. 8 shows a version of the electronic credit card with a keypadacting as part of the user verification means and a magnetic strip 9shown in FIG. 9 providing coded information as part of the communicationmeans.

[0053]FIG. 10 shows a version of the electronic credit card with akeypad 1 forming part of the user verification means, a combination ofinfra red transmitter receiver 5, radio frequency antenna 7 andinduction 6 forming part of the communication means.

[0054] Referring to FIG. 11, a version of the electronic credit cardwith a fingerprint scanner 10 forming part of the user verificationmeans and an infra red transmitter receiver 5, radio frequency antenna 7and indication means 6 forming part of the communication means.

[0055] Referring to FIG. 12, an embodiment of the electronic credit cardincluding an eyeball retina scanner pad 11 which forms part of the userverification means and an infra red transmitter 5, radio frequencyantenna 7 and a magnetic induction means 6 form part of thecommunication means.

[0056] Use of the electronic credit card will prevent merchants fromusing an unauthorised transaction as each transaction can only begenerated by a unique transaction provided by the electronic creditcard. A merchant cannot generate a unique transaction identifier withoutan electronic credit card. The electronic credit card verifies theidentity of the user before it is activated. The electronic credit cardwill be disabled if a predetermined number of attempts to gain access toits operation fail and this will prevent fraud in the event that anelectronic credit card is stolen. An authorising distributor or otherauthorised body could re-initialise the electronic credit card through acontrolled management system used to issue the electronic credit card.

[0057] The electronic credit card can be disabled at a transactionstation through a system control function by the issuing company ororganisation. This will enable immediate termination of electroniccredit card if required. Electronic credit card may download informationto a computer system via one of its telecommunication modes. This willensure data integrity at a time when power source replacement orre-charging. Furthermore it will also facilitate transactional historydownload.

[0058] The electronic credit card may generate its transaction numbereither in synchronisation with the transfer station link to a remotesite system control function. The transaction station may be an Internetsite with this capability.

[0059] The electronic credit card financial limit can be verified by thetransaction station with a link to a remote site system. This willprevent the electronic credit card from generating further transactionsonce the financial limit is reached. The funds limiting function isoptional and may be activated by either the financial institutionissuing the electronic credit card or by the holder to cross-check andeither alert him or her of his or her account balance. The electroniccredit card may transact electronic cash which can be used as a currencyexchange device. A traveller going abroad can choose to have a setamount for a specific currency of a particular country that he or she isvisiting. The electronic credit card may be incorporated into anotherelectronic device or piece of equipment, for example it may have beenincorporated in a mobile phone.

[0060] An audio transducer is used to confirm a successful process ofsuccessful verification of the user may also be used to providecommunication over a telephone network.

[0061] A self-contained timer deactivates the user verification after apredetermined lapsed amount of time. This feature eliminates a stolenelectronic credit card from being used when the user identification hasalready been verified.

[0062] The electronic credit card keypads may be made from reflectableboard membrane, rubber and/or plastics material to provide durabilityand in a slim size. The keypad may be designed with round, square orother shaped buttons.

[0063] The electronic credit card can store more than one creditcard/debit card accounts. These can be cards distributed from differentfinancial institutions, organisations or companies. The electroniccredit card can retain amounts of transactions conducted by the user,with information regarding his or her financial balance in relation tothe account limit. This may be available for one or more credit cardaccounts.

[0064] Modifications and variations may be made to the present inventionwithout departing from the basic inventive concepts. The nature of suchmodifications and variations are to be determined within the scope ofthe present invention as defined by the foregoing description andappended claims.

The claims defining the invention are as follows:
 1. An electroniccredit card comprising at least: a user verification means for verifyingthe identity of a user; a means for generating a unique authorisationcode when the user's identity is verified; a storage means for storingthe user's account details for use in an electronic funds transfertransaction; and a communication means for communicating with atransaction station to provide the transaction station with accountdetails of the user and the authorisation code to facilitate anelectronic fund transfer transaction.
 2. An electronic credit card inaccordance with claim 1, wherein the electronic credit card includes atimer means for determining a period of time after which theverification of the user's identity ends.
 3. An electronic credit cardin accordance with claim 1, wherein the electronic credit card includesa disablement means for disabling use of the electronic credit card if apredetermined number of attempts verify the identity of the user fail.4. An electronic credit card in accordance with claim 3, wherein thedisablement means is activatable remotely by an issuer of the electroniccredit card or other authority.
 5. An electronic credit card inaccordance with claim 1, wherein the unique authorisation code isgenerated in synchronisation with the transaction station.
 6. Anelectronic credit card in accordance with claim 1, wherein the storagemeans is arranged to store a financial limit for transactions that theelectronic credit card may be used for.
 7. An electronic credit card inaccordance with claim 6, wherein the financial limit is provided to thetransaction station by the communication means.
 8. An electronic creditcard in accordance with claim 1, wherein the electronic credit cardincludes a processor means for keeping track of the use of theelectronic credit card and will not generate or provide theauthorisation code if the financial limit is exceeded.
 9. An electroniccredit card in accordance with claim 6, wherein the financial limit maybe retrieved via the transaction station from a financial institutionfor storage in the storage means.
 10. An electronic credit card inaccordance with claim 1, wherein the storage means is arranged to storemore than one set of account details.
 11. An electronic credit card inaccordance with claim 1, wherein the storage means is arranged to storeelectronic cash and the communication means is arranged to facilitatethe use of the electronic cash stored in the storage means if the useridentification is verified.
 12. An electronic credit card in accordancewith claim 1, wherein the user identification means includes a keypadfor a personal identification number (PIN) entry and PIN verificationmeans to authenticate the identity of the user.
 13. An electronic creditcard in accordance with claim 1, wherein the user identification meansincludes a fingerprint reader for reading the fingerprint and afingerprint verifying means for verifying the identity of the user. 14.An electronic credit card in accordance with claim 1, wherein the useridentification means includes a retina scanner for scanning a retinapattern and a retina pattern verifying means for verifying the identityof the user.
 15. An electronic credit card in accordance with claim 1,wherein the communication means includes an infra red transfer means.16. An electronic credit card in accordance with claim 1, wherein thecommunication means includes a radio frequency transfer means.
 17. Anelectronic credit card in accordance with claim 1, wherein thecommunication means includes a magnetic induction transfer means.
 18. Anelectronic credit card in accordance with claim 1, wherein thecommunication means includes a wire contact transfer means.
 19. Anelectronic credit card in accordance with claim 1, wherein the storagemeans and communication means are partly in the form of a magnetic stripfor storing account details and communication of the account details tothe transaction station.
 20. An electronic credit card in accordancewith claim 1, wherein the communication means includes a telephonenetwork interface.
 21. An electronic credit card in accordance withclaim 6, wherein the storage means stores transaction details and aprocessor means is provided to calculate the funds available from thefinancial limit.
 22. An electronic credit card in accordance with claim1, wherein the electronic credit card is incorporated into anotherdevice.